Blackstone Files for Third Asia PE Fund with Rumored $10B Target

Blackstone filed with the SEC for its third Asia-focused private equity fund and its accompanying Luxembourg-based investment vehicle, which reportedly have a combined target of at least $10B.

The world's largest alternative asset manager filed for Blackstone Capital Partners Asia III and Blackstone Capital Partners Asia III (LUX) on January 29, signaling the start of the subscription period for pooled investment fund interests and noting that the sale is not planned to last more than a year. Blackstone secured the assistance of Compass Group Global Advisors and KB Securities in marketing the funds outside of the US, allocating $17M for sales commissions.

Various media reports last year suggested the private equity giant is aiming to raise $10B for the fund. For Blackstone Capital Partners Asia II, the sophomore fund in its Asia-focused private equity strategy, Blackstone raised $11B and $2.3B for the inaugural fund in the series, Blackstone Capital Partners Asia.

In terms of looking at potential pension fund investors, Dakota data shows that the first fund secured commitments from the Washington State Investment Board, Texas Tech University Endowment and the University of California Board of Regents, while the second fund counted Minnesota Teachers Retirement Association and California State Teachers' Retirement System among its backers.

Reuters, citing two people with knowledge of the matter, reported in October 2024 that the third fund will invest the lion's share of its capital in India, with substantial allocations also expected for Japan and Australia. Other markets reportedly being considered for investment are South Korea and Singapore.

According to its website, Blackstone had $152B of corporate private equity AUM as of year-end 2024, with 88 companies in its current portfolio, and boasts $34B in dry powder available for investment.

Written By: Dakota

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